Text size:

  • Small
  • Normal
  • Large

G20 leaders pledge quick action

World leaders promised to work as "quickly as possible" to conclude long-running world trade talks.

PITTSBURGH // World leaders promised to work as "quickly as possible" to conclude long-running world trade talks and have their top trade officials hold a stock-taking session by early next year, a draft G20 document said today. "We remain committed to further trade liberalisation. We are determined to seek an ambitious and balanced conclusion to the Doha development round in 2010," the leaders said in the draft communique obtained by Reuters. Leaders of the Group of 20, which groups major industrialised and developing countries, were gathered in Pittsburgh for talks aimed at putting the world on a path to more sustainable growth following the worst economic downturn in decades. The final draft of their communique was due to be issued last night at the end of their two-day meeting. The Doha round, launched in late 2001 with the goal of helping poor countries prosper through trade, is already the longest set of world trade negotiations since the modern rules-based trading system began. After nearly eight years of negotiation, World Trade Organisation members still have not reached agreement on core formulae, known in trade jargon as "modalities", for cutting agricultural and industrial tariffs and reducing trade-distorting farm subsidies. "We note that in order to conclude the negotiations in 2010, closing those gaps should proceed as quickly as possible," the leaders said in the draft text. The language reflects a compromise between the US, which was wary of setting a target to reach a deal on modalities this year, and other countries, led by the European Union, Brazil and Australia, pushing for swift progress. The G20 leaders also said it was "imperative we stand together to fight against protectionism", repeating a pledge they made in two previous meetings and that critics say has been too often ignored in the past year. US president Barack Obama's decision this month to slap a 35 per cent tariff on tyre imports from China is one of the most recent examples singled out by such critics. US officials have defended the action as legal under a "safeguard" provision that Beijing accepted as a term of its entry into the WTO in 2001. * Reuters

Back to the top

More articles

Editor's Picks

 Would you like it in blue? An Afghan shopkeeper shows a burqa to a customer at a bazaar in Herat. (Aref Karimi / AFP /  April 13, 2014)

In pictures: Best business images for the week to April 24, 2014

Here are some of the best business images for the week to April 24, 2014.

 That's asking a lot: this four-bedroom duplex penthouse apartment  at Marina Residence in Dubai is for sale with an asking price of Dh15.7 million. (Courtesy Better Homes / April 2014)

In pictures: Palm Jumeirah penthouse listed for Dh15.7 million

A four-bedroom duplex penthouse in Marina Residence 3 on Dubai's Palm Jumeirah is on the market for Dh15.7 million.

 Room with a view from one of the 21 duplex penthouses located in the Gate Towers sky-bridge. The sports courts and swimming pools can be seen below. Courtesy Alda

In pictures: Aldar’s Gate Towers Penthouse Collection on Reem Island

Aldar launched its Gate Towers Penthouse Collection at Cityscape Abu Dhabi. The launch features 21 penthouses spanning the skybridge, with each having a private indoor pool and incredible views.

 Marina Square apartments Reem Island: Q1 2% rise. Studio - Dh65-68,000. 1BR - Dh75-95,000. 2BR - Dh110-145,000. 3BR - Dh170-190,000. Q1 2013-Q1 2014 no change. Sammy Dallal / The National

In pictures: Where Abu Dhabi rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Abu Dhabi have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.


To add your event to The National listings, click here

Get the most from The National